Grieg Seafood reports financial loss for Q1
GRIEG Seafood said lower market prices negatively impacted on earnings to the tune of NOK 141m (£12m). Q1 Revenues fell by 43% to NOK 660m (£57m).
The company’s Shetland arm is now classed as “discontinued operations” and is not included in the first quarter results which show an EBIT or operational loss of NOK 16m (£1.4m), compared with a profit of NOK 216m (£19m) in Q1 2020.
Oversupply of downgraded salmon due to winter ulcers also affected margins in Norway, but there was good biological performance in Rogaland (Norway) and in British Columbia.
Harvest volumes during the quarter dropped from 16,315 tonnes in 2020 to 13,583 tonnes this year.
Commenting on the group’s performance, CEO Andreas Kvame, said: “The first quarter turned out largely as expected. Covid-19 continued to characterise our markets, impacting price achievement. Equally, our employees and supply chains continued to show resilience and flexibility, keeping the wheels turning on a steady pace.
“Our plan stays firm; we will improve profitability, streamline the organisation, and secure financial capacity.”